HomeMy WebLinkAboutC-1594 - Banking services for City32
December 14. 1973
Security Pacific National Bank
3475 Via Lido
Newport Beach, California 92660
Subject: Banking Services, Contract No. C -1594
Enclosed in a fully executed copy of the agreement between
the City and Security Pacific National Bank to provide the
City with certain banking services for a term of three yearn,
commencing April 1, 1974. The City Council authorised
this agreement on December 10, 1973 by the adoption of
Revolution No. $150.
Laura Legion, CMC
City Clerk
LL:dg
Encl.
cc: Finance Director (w /copy of agreement)
AGREEMENT FOR
BANKING SERVICES
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THIS AGREEMENT, dated the /d' day of
19_�L_, is between the CITY OF NEWPORT BEACH, hereinafter called
"City, whose address is 3300 Newport Boulevard, Newport Beach,
California; and SECURITY PACIFIC NATIONAL BANK, hereinafter called
"Bank ", whose address is 3475 Via Lido, Newport Beach, California:
R E C I T A L S
A. Bank, pursuant to a request therefor by City, has
submitted a proposal to provide certain banking services.
B. The City wishes to accept Bank's proposal to provide
services, in accordance with the terms and conditions as specified
therein, and as hereinafter set forth; a copy of said proposal
is attached hereto, marked Exhibit "A ", and is incorporated herein
as though fully set forth.
A G R E E M E N T
I. TERM.
This Agreement shall be for a term of three (3) years,
commencing on the 1st day of April , 1974, and ending on
the 31st day of March 1977; PROVIDED, however, that
either party to this Agreement may terminate said Agreement upon
giving the other party ninety (90) days' prior written notice of
its intention to terminate.
City:
II. SERVICES TO BE FURNISHED BY BANK.
Bank agrees to provide the following services to
A. Bank and City agree that Bank shall act as the
sole demand depository of City (City reserves the right to place
term deposits with other institutions or to invest in securities
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0
of the United States Government and Federal agencies, as may
be determined by the City to be in its best interest), as
follows:
(1) General Account. Bank shall accept
deposits of City, endorse and photograph all checks deposited,
and return to City all paid checks in numerical order with an
automated account reconciliation.
(2) Payroll Account. Bank shall accept
deposits of City or honor other authorized transfer of funds to
the account. Each payroll check drawn will be paid by the Bank
and returned with an automated account reconciliation, on a
regular schedule to be determined by City.
(3) Checks and Supplies. Bank shall furnish
to the City, pre - printed to City specifications, all checks,
deposit slips, and other instruments pertaining to transactions
for the different accounts.
(4) Depository for Funds. Deposits to the
credit of City will be provided for as stated below. Every check
received will be endorsed by Bank and all previous endorsements
will be guaranteed. A photocopy of each deposited check will be
taken and maintained by the Bank for a period of two (2) years.
B. Armored car pickup: A daily pickup by armored
carrier of deposits from City Hall to the Bank will be arranged on
a schedule to be determined by the City.
For special situations, Bank will provide
additional armored carrier service on an "on call" basis.
C. Night Depository Services: Night depository
will be provided by the Bank for, but not limited to, the following
City uses:
(1) Parking Meter Receipts. These receipts, it
is understood, will consist of coins to be counted by Bank. A
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deposit slip for these monies will be prepared by the Bank and
forwarded daily to the City.
(2) Parking Lots Receipts. These receipts,
it is understood, may or may not be accompanied by a deposit
slip, depending on circumstances and the discretion of the City.
A deposit slip will be prepared or the accompanying one will be
verified by the Bank and forwarded daily to City.
(3) Recreation Registration Receipts. These
receipts, it is understood, may or may not be accompanied by a
deposit slip, depending on circumstances and the discretion of
City. A deposit slip will be prepared or the accompanying one
will be verified by the Bank and forwarded daily to City.
In the handling of night deposits, which will
consist largely of currency, Bank will provide depository bags
and secure seals to be used by personnel in making such deposits.
IN WITNESS WHEREOF, the parties hereto have executed
this agreement as of the date first above written.
AP96VED AS TOJFOPI
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Ui
Cif, Attorn
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CITY OF NEWPORT BEACH
By' 2iw
Mayor
ATTEST:
ty Clerk
CITY
!r�H SECURITY PACIFIC NATIONAL BANK
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Title:
ent
DON:mh
11/27/73
CITY OF NEWPORT BEACH
FINANCE DEPARTMENT
BANKING SERVICE PROPOSAL
RE UEST FOR BIDS
PROPOSAL SUBMITTED BY:
BANK _ Security Pacific National Ann6
AD -
BY
November 9, 1973
BANK WILL. PROVIDE THE FOLLOWING SERVICES:
A. DEPOSITARY FOR CHECKS
1. CHF_CKING ACCOUNT
DEPOSITS AVERAGE $2,250,000 PER MONTH. WITHDRAWALS OF APPROXIMATELY
THE SAME AMOUNT INVOLVE ABOUT 800 CHECKS PER MONTH. SERVICE: WILL
INCLUDE ENDORSING AND PHOTOGRAPHING ALL CHECKS DEPOSITED BY CITY.
CHECKS ARE TO BE RETURNED TO CITY IN NUMERIC ORDI R_ RtcONI:ILIAEION
BY BANK OF THIS ACCOUNT.
2. PAYROLL ACCOUNT
DEPOSITS AVERAGE $300,000 PER PAYDAY AND 900 PAYROLL CHECKS PER
PAYDAY. PAYDAYS ARE ON A BI- WEEKLY BASIS. PECONCTLIATION BY BANK
OF THIS ACCOUNT.
SUBMITTED:
11 -8 -73 3:oo pm
H.W.
EXHIBIT "A"
I
D
E
PA11,11.
,IJPP I Y NIGHT DF,P,0-SJ,T..ARY. BAGS, KEY, AND S-F.R-V,1-(T; TOP VA 'Plj't F!if "!0N 1�11
THESE WOULD INCLUDE PUT NOT BE LIMI (I.D I;N, 1 01,1 OWING:
1. PARKING METER RECEIPTS — INCLUDING COIN COUNiIN-, j" N";E'R\Vrl TIH�
RIGHT TO CHOOSE TEMPORARY DEPOSITARY FOR TRAN'S,.rr R
2. PARKING LOTS (ATTENDANT OPERATED).
3. RECREATION REGISTRATION RECEIPTS
ARMORFD CAR SERVICE
BANK WILL PROVIDE ARMORED CAR SERVICE TO TRANSPORT DAILY ("F;);11'c11 I I ROM
CITY HALL TO BANK.
BANK I?] T LL LIST BELOW AS ALTERNATE "A" ANY (V C
--- -- _
INCLUDING CHARGES THEREFOR, WHICH THE CITY MAY WISH TO P.
ALTERNATE "A"
OTHER AVAILABLE SERVICES
I•Investment program for City employees.
2.Direct credit for State payments.
3.Lease program for vehicles and equipment.
4.Checks will be provided by our Bank.
AN AVERAGE DAILY BALANCE FOR TIIf:SE SLRVICLS ONLY 01 None
BANK'S BID FOR PROVIDING ALL OF THE ABOVE SERV T r F S F—AL'I RNAIF. "A'')
*$ No minimum required.
. - -.- . . ........... . .... ....
*AVERAGE DAILY I)EMAND BALANCE
ZE$OL UTION 1,10. 8 15 0
A RESOLUTION OF THE CITY COU7CIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE EXECUTION OF
AN AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH
AND SECURITY PACIFIC NATIONAL BANT{ FOR BANKING
SERVICES
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain agreement between the
City of Newport Beach and Security Pacific National Bank for
banking services; and
WHEREAS, the City Council has considered the terms
and conditions of said agreement and found them to be fair
and equitable, and in the best interests of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach that said agreement for the
services above described is approved, and the Mayor and City
Clerk are hereby authorized and directed to execute the same
on behalf of the City of Newport Beach.
ATTEST:
City Clerk
ADOPTED this day of DEC 1 P 1,17] , 1973.
Mayor
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